Aurangabad, April 1: In a move that could give impetus to women’s ownership of property, the state government had announced a concession of 1 per cent in stamp duty for registering a property solely in a woman’s name. The scheme has come into force from April 1. However, if any woman takes advantage of this scheme, she will not be able to sell the property for at least 15 years. The condition will be applicable for bungalow, flat and row house. However, there will be no concession in stamp duty when buying agricultural land.
While presenting the state budget, deputy chief minister and finance minister Ajit Pawar had announced the 1 per cent reduction in stamp duty for women. As per the directives, the concession will be available exclusively to women buyers provided the transfer of house property or registration of sale deed is in the name of a woman. Around 80 per cent of property transactions and homeownership are registered in the name of men buyers. This move is expected to prompt women and families to buy properties in her name prompting more homeownership among women. However, in order to restrict people from taking disadvantage of the concession, once the property is registered in a woman's name, it cannot be sold for the next 15 years. If the condition is found to be violated, the stamp duty will be recovered along with the penalty.
How will be the discount
The property will be in the name of the woman who will benefit from the new rules. One per cent rebate for women from six per cent in urban areas, and one per cent from five per cent in rural areas. No discounts on agricultural, open plot purchases.
No extension to stamp duty rebate
The state government had offered a 2 per cent rebate on stamp duty to boost the construction sector. Accordingly, the stamp duty was reduced by three per cent till the end of December 31 and by 2 per cent from January to March 31. Citizens also took full advantage of this concession. However, the state government decided not to extend the concession given in stamp duty. So now citizens will have to pay six per cent stamp duty as before.